@article{Discipline:1675,
      recid = {1675},
      author = {Beyhaghi, Mehdi and D'Souza, Chris and Roberts, Gordon S.},
      title = {Funding Advantage and Market Discipline in the Canadian  Banking Sector},
      address = {2013},
      pages = {1 online resource (49 pages)},
      abstract = {We employ a comprehensive data set and a variety of  methods to provide evidence on the magnitude of large  banks’ funding advantage in Canada, and on the extent to  which market discipline exists across different securities  issued by the Canadian banks. The banking sector in Canada  provides a unique setting in which to examine market  discipline along with the prospects of proposed reforms,  because Canada has no history of government bailouts. Our  results suggest that large banks likely have a funding  advantage over small banks after controlling for  bank-specific and market risk factors. Working with  hand-collected market data on debt issues by large banks,  we also find that market discipline exists for subordinated  debt and not for senior debt.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1675},
      doi = {https://doi.org/10.34989/swp-2013-50},
}